Case Study
Remittance Processing For A Fortune 500 Provider
Learn how a fortune 500 provider benefited by outsourcing its remittance processing operations to XBP Europe.
Challenge
A Fortune 500 provider of global procurement, payment, and travel services aimed to reduce its total cost of ownership (TCO) for remittance processing by 80%.
Managing a large volume of paper remittances in-house incurred substantial expenses in equipment, labour, system licences, and PCI-compliance audits. To mitigate costs, the company sought to downsize and consolidate its in-house operations, as well as address multiple software licences, in-house ACH clearing systems, and expiring contracts.
solution
XBP Europe offers remittance processing
The firm partnered with XBP Europe as its primary outsource provider for remittance processing, handling an annual volume of over 30MM payments. Outsourcing remittance operations, including manual keying and depository functions, reduced total ownership costs. The implementation followed a phased approach, beginning with front-end operations and extending to IT/back-end processes such as ACH clearing, quality assurance, and depository functions. The successful migration from the previous remittance platform to XBP Europe’s TMS system included replacing the expiring ACH engine.
Today, XBP Europe offers a comprehensive range of paper and electronic payment processing services, including commercial and retail LockBox processing, electronic LockBox services, and remote remittance LockBox spoke.
Benefits
Benefits with outsourcing remittance processing
Through its collaboration with XBP Europe, the firm has embraced innovation, optimised processes, and established a strong foundation for future growth and compliance.
- Processing turnaround times improved from 3 ½ days to 48 hours.
- Total ownership costs for the firm decreased by 20%.
- Dedicated Relationship Management ensured personalised support.
- Continuous SLA Achievement with high accuracy in payment posts (99%), timeliness, handling of duplicate payments, exceptions, decision processing errors, and misposts.
- Continuous Improvement through system upgrades, process improvements, and extended services since partnering with XBP Europe.
- Risk Mitigation achieved by entrusting auditing and compliance activities to an expert, reducing the risk of regulatory non-compliance.
